SOLUTION: how long does it take for a deposit of $900 to double at 2% compounded continuously
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Question 964459: how long does it take for a deposit of $900 to double at 2% compounded continuously
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
how long does it take for a deposit of $900 to double at 2% compounded continuously
formula for continuous compounding: A=Pe^rt, P=initial investment, r=interest rate, t=number of years, A=amt after t-years.
For given problem:
A/P=e^rt=2
rt*lne=ln2
lne=1
t=ln2/r=ln2/.02=34.66
how long does it take for a deposit of $900 to double? about 35 yrs
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